Elliott Wave analysis for Bitcoin 19.08.2022

The BTCUSD cryptocurrency pair is presumed to be building the initial part of a new corrective pattern in the form of a double zigzag [W]-[X]-[Y]. The actionary wave [W] is developing as a triple zigzag (W)-(X)-(Y)-(X)-(Z). Its ultimate wave (Z) may be completed soon as a double zigzag W-X-Y, where the sub-wave Y will also be a double zigzag [W]-[X]-[Y]. The rate is expected to rise soon in the ultimate sub-wave [Y] to level 26375.45, where the size of the sub-wave (Z) will equal the sub-wave (Y). 

Trading plan for BTCUSD for today:

Buy 22762.00,

Take profit: 26375.45.

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